According to research conducted by ICORating, only 46% of the digital currency exchanges examined met certain parameters necessary to maintain security and immunity of the platform. Moreover, during the last 8 years, $1.3 billion was stolen as a result of crypto exchange hacks.
"Over the years, digital thieves have stolen millions of dollars’ worth of cryptocurrency from various exchanges. Transactions and assets are not secured in any way, which makes investing in cryptocurrencies really hazardous. The largest cryptocurrency exchanges contain vast amounts of digital cash. These facts are really attractive for hackers," the report said.
The Four Criteria
The report produced by ICORating, an independent agency that evaluates ICOs, was published on Tuesday. It highlights key reasons for crypto exchange hacks, relying on four criteria. They include code errors, web protocol security, user account security, and registrar and domain security.
The report focused on digital currency exchanges with daily trade value of more than $1 million. There were examined 100 crypto trading platforms, however, only 46% of them were able to meet all four security requirements. For example, they succeeded in providing an opportunity to create a password that can extend 8 characters, passwords with digits as well as letters, email verification, and two-factor authentication.
Read the details in the article of Coinidol dot com, the world blockchain news outlet:
https://coinidol.com/crypto-exchanges-fail-to-satisfy-proper-security-requirements/